NYPD Detectives Steve Fine and Joe Bourquin investigate the murder of Edward Blake, who was thrown out from his apartment home falling many stories down to his death. The detectives conclude that Blake's assailant(s) were rather strong given Blake's large and strong physique and the sturdiness of the glass that Blake was thrown through. The detectives decide to cover up the investigation in order to avoid interference from the vigilante Rorschach.

That night, however, Rorschach enters Blake's apartment and searches the rooms until finding a compartment containing weapons, a leather costume, and a picture of the Minutemen. Rorschach realizes that Edward Blake was the American government-sponsored costumed adventurer known as the 'Comedian'.

Meanwhile, Dan Dreiberg is visiting Hollis Mason at his home, where they discuss their time as the Nite Owl. After their time is over, Dan returns to his apartment to find his door broken in to, finding Rorschach awaiting and helping himself to a can of cold beans. Rorschach informs the news of the Comedian's death to Dan, who then proposes having their discussion in his workshop in the basement, where it serves as storage for Dan's Nite Owl equipment. Rorschach informs him of his investigation into Edward Blake's death. Dan suggests that given Blake's services and history, his murder could have been a political killing in response to his actions in toppling Marxist Republics in South America. But Rorschach proposes another theory that someone is attempting to eliminate costumed heroes. Dan is skeptical of his idea, but Rorschach points out that the Comedian had made a lot of enemies for the past forty years.

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